Brazil’s Gol pays $300 million loan guaranteed by Delta

Business

Brazilian airline Gol Linhas Aereas Inteligentes (GOLL4.SA) said on Tuesday it paid a $300 million debt guaranteed by U.S. carrier Delta Air Lines (DAL.N), according to a securities filing.

Gol added that after this payment, the company’s debt maturity will be around four years. “Going forward, we have no significant debt maturities until 2024,” said Chief Financial Officer Richard Lark.

If Gol had not paid this loan, Delta would have to honor it, adding a burden to the U.S. carrier which is also struggling with the coronavirus crisis.

Gol ended August with a cash and receivables position of 2.1 billion reais ($386.59 million) after this debt payment, it said.